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  • Taxation of Isle of Man Companies from April 2006

     
    At the present time a company incorporated in the Isle of Man, owned by non-residents and which complies with the other statutory requirements, is not liable to Isle of Man taxation. Whilst locally trading companies pay tax at 18%, a qualifying offshore company pays a flat annual tax of Ј475 or Ј1,000. The Isle of Man is however required to comply with the E. U. Code of Conduct on Business Taxation and other international initiatives designed to eliminate discrimination between taxpayers. This means, essentially, that the tax treatment of local and offshore companies should be the same....
     

    How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund

     
    The U. S. Department of Agriculture estimates that it costs nearly $15,000.00 a year for a middle-class family to raise a child born in 2002 to age 17 (without adjustment for inflation). In recognition of this cots, you can claim a tax credit each year until your child reaches the ago of 17. The credit is currently up to $1,000.00 per child. This credit is in addition to the dependency exemption for the child. You may claim a tax credit of up to $1,000.00 in 2004 for each child under the age of 17....
     

    Euro Tax Haven Threat

     
    Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete. The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, Malta and Andorra, to disclose bank account owner information to their home country's tax authority. But Roger Munns, Managing Director of tax haven property specialists Tribune Properties, says that some of the reporting has been less than accurate. 'The purpose behind this directive is primarily aimed at those who hold illicit funds, such as drug dealers, who will need to look outside of the European banking system to place large cash deposits....
     

    Some Folks Pay A Lot Less Tax Than Others On Very Same Income-Did You Pay Too Much Tax In 2004?

     
    Someone once remarked, "Next to being shot at and missed, nothing is quite so satisfying as an income tax refund." There's no question that saving money in taxes is high on everybody's list of financial priorities, especially small-business owners. Taxes are an inevitable - and painful - part of every business owner's life. But there are ways to reduce, if not eliminate, your company's tax burden if you know how to use business-expense tax deductions to your advantage. Most business owners know they owe taxes only on their net business profit - that is, their total profits after they subtract their deductions....
     

    Reducing Taxes Through Dividend-Salary Mix Calculations

     
    Should I take wages or dividends from my privately ownedcorporation? What is the best way of taking money out of my company? In other words, what will result in theleast amount of income taxes? A Canadian accountant will perform a dividend-salary mix calculation to determine the best way of withdrawing money from the corporation. Even though Canadian income tax laws are different from other jurisdictions, some of the same principles of tax planning will still apply. In order to qualify for Canada Pension Plan (C....
     

    IRS Statute of Limitations: Do Taxes Ever Expire?

     
    Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability of the IRS to examine and collect taxes. Taxes do expire at some point and in some cases IRS does not get the money they were legally entitled to collect. Basically, IRS has 10 years from the date they send out their first bill to collect the tax. The 10 year rule does not apply to the states. Some, like California have no statute of limitations and the state tax collector can indeed hound you forever....
     

    Truly Bizarre Taxes: The Tax on Illegal Drugs

     
    One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results. Taxes on Illegal Drugs One argument for the legalization of various narcotics is that massive tax revenues would be created. Interestingly, a few states already are trying to collect such taxes! More than 10 states have tried to tax people that possess illegal drugs. For example, Kansas levies a drug tax on dealers as soon as they take possession of the substance....
     

    Send Your Kids To Summer Camp and Write It Off

     
    If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13. The credit is a percentage, based on your adjusted gross income, of the amount of work-related child and dependent care expenses you paid to a care provider. The credit can range from 20 to 35 percent of your qualifying expenses, depending upon your income....
     

    Gambling Income and Expenses - Tax Requirements

     
    Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return. Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax....
     

    The Tax Man Cometh... To Search

     
    You're at your office, or home, and the doorbell rings - it's the Canada Revenue Agency ("CRA"). The first thing to do is find out why they've come. If it is an "inspection, audit or examination" of your books and records under §231.1 Income Tax Act ("ITA") then they have a right to be at your place of business, during business hours, to do these things. Just collect a copy of the business card of the officer and ask them to write what authority under the ITA they are relying on....
     

    About Income Taxes; Tidbits

     
    1812 The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less revenue than the previous lower rates. And to think that the Revolution was started because of Tea Taxes in Boston? Excise taxes were imposed on goods and commodities, and housing, slaves and land were taxed during the war....
     

    The Seven Deadly Tax Sins: Commonly Missed Deductions

     
    It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return. Before you dig in and get started, take this opportunity to first review a list of a few tax deductions to which you may be entitled if you itemize deductions but most people overlook. Many of these deductions are subject to various limitations, so consider getting professional help from your tax advisor and accountant to determine which deductions you qualify for and which items apply to your specific circumstances....
     
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